Category Archives: Investment outlook

California Judiciary Committee Gives Blistering Assessment of CalPERS’ Fiduciary Duty Failings in Analysis of Fraud-Friendly Private Debt Secrecy Bill

The Judiciary Committee’s analysis of a CalPERS-sponsored bill shows that Sacramento is noticing the fund’s chicanery and incompetence.

Inflation in the Aftermath of Wars and Pandemics

Challenging the conventional wisdom that government responses to Covid will generate inflation.

QE During the “Everything Mania”: Fed’s Assets at $7.7 Trillion, Up $3.5 Trillion in 13 months

Trying to make sense of what the Fed is up to.

We Have to Consign the Era of Financial Engineering to History

Financial legerdemain is still very much with us, despite the Big One in 2008 and continuing distortions confirming its high cost.

Ponzis Go Boom!!!

The SPAC market is in the process of detonating and it will take the Ponzi Sector with it.

Rising Temperatures, Melting Ratings

Taking a stab at how global warming will affect bond ratings in the intermediate and long term.

Stock Market Leverage Spikes in Historic Manner: Another WTF Chart of a Zoo that Has Gone Nuts

In an investment environment where nothing matters anymore – until old fasioned worries like leverage suddenly do.

RIP Gold. Killed by Bitcoin

Inflationistas have abandoned gold and moved on to a new fetish.

A Big Fiscal Push is Urgent, The Risk of Overheating Is Small

The $1.9 trillion fiscal stimulus should be large because the need is large.

One Year After the Collapse of the Airline Business Began: What’s the Status Now?

Collapsed revenues, astronomical losses, red-hot cash-burn, hellish new debt. Meanwhile, amid craziest markets ever, airline shares soared.

Elizabeth Warren’s Not-Ready-for-Prime-Time Robinhood/GameStop Intervention

Elizabeth Warren is back in swinging hard, but she’s not yet connecting with the balls.

TikTok Got A US Reprieve, But Elsewhere, It’s War

Tik-Tok is getting its wings clippped. But how far will containment efforts go?

Wolf Richter: Historic Mania in SPACs, IPOs. Huge Fees for Wall Street Banks. Mega Paydays for Insiders. Disdain for Valuations. Blind Faith that “This Time It’s Different”

SPAC mania, with billions raised: this time it’s different, everyone is saying again – another sign that the zoo has gone nuts.

Central Bank Machinations with No Exit: ECB Leaks New Thingy, It’s Doing Yield Spread Control

Not your grandmother’s “yield curve control.” Only one thing that could force this ECB absurdity to end: a big bout of inflation.

CalPERS Making It Impossible to Hire Competent Chief Investment Officer

CalPERS is such damaged goods that it apparently can’t attract the sort of CIO it wants to hire.